Who needs a BAS Agent?
Hiring a BAS Agent is one of the most efficient ways for companies to file their BAS. Using a Bas Agents services provides you with a variety of services, protections, and benefits that you won’t get if you file your BAS on your own. This is why so many firms file their BAS through a registered BAS Agent.
However, it can be difficult for new business owners to understand what a BAS Agent is and what they can do right now. That’s why we’ve put together this easy-to-understand guide.
Who is a BAS Agent
The Tax Practitioners Board requires BAS Agents to be registered. After becoming registered, a BAS Agent is considered qualified to conduct BAS services such as working out or counselling firms on liabilities, obligations, and entitlements. BAS services can also be charged for.
A bookkeeper can assist you with general bookkeeping tasks; however, unless they are registered BAS agents, they are unable to complete and submit Business Activity Statements, Instalment Activity Statements, PAYG statements, and other tax forms on behalf of clients.
The Australian Taxation Office (ATO) imposed bookkeeping restrictions in 2010. As a result, all bookkeepers who provide a BAS service must become BAS Agents. BAS Lodge is a BAS agent with the Australian Taxation Office (ATO).
Registered BAS Agents and Bookkeepers
The Tax Practitioners Board requires that anyone providing BAS services for a fee is registered. After becoming registered, a BAS Agent can conduct BAS services such as calculating liabilities, duties, and entitlements for firms.
As stated earlier, a bookkeeper who is not a licensed BAS agent can only help with general bookkeeping chores but cannot complete and submit Business Activity Statements, Instalment Activity Statements, PAYG statements, or other tax returns on behalf of a client.
Using a licensed BAS Agent gives you the following benefits:
• Professional indemnity insurance provides consumer protection.
• Tax and BAS filing deadlines have been extended.
• Agents with expertise and qualifications who adhere to a strict code of ethics.
To see if an agent is registered, search for the registered practitioner symbol or input their information in the www.tpb.gov.au registry.
What does this imply for you personally?
A bookkeeper might easily take an MYOB course and begin charging for their services in the past. However, they lacked the necessary qualifications to perform BAS-related work. As a result, the BAS forms they filed were frequently a shambles. Their clients had no choice but to look for someone else to remedy the problem. They’d have to pay more money to compensate for someone else’s error.
What a Registered BAS Agent Brings to the Table
Those who do not use a BAS Agent are missing out on a number of advantages. Following are a few examples:
• Whether you use accounting software to handle your books or not, each of your compliance reporting requirements may be readily accomplished in one location with a licensed BAS Agent like BAS Lodge.
• If your company requires business owners to sign off on compliance reports before they are sent to the ATO, BAS Lodge can assist. We have a built-in digital signature capability, so you may send a saved BAS report for approval before submitting it for publication.
• A registered BAS Agent provides business owners with benefits that they would not be able to obtain on their own. It’s simple to make mistakes if you normally file your own BAS. You could be fined by the ATO for making these errors. Safe Harbor laws apply to BAS Agents, including BAS Lodge. These provide your company with an added layer of security.
• To register as a BAS Agent, you must have 1400 hours of experience, a Cert IV in bookkeeping, Pl insurance, a professional membership, and continual education.
Fun Facts About BAS Agents
- Tax or BAS Agents must be registered with the Tax Practitioners Board before they can charge a fee for their services (TPB).
- If you use a bookkeeper to prepare your BAS, they must be registered with the TPB unless they are an employee or work for a registered agent.
- To see if an Agent is registered, enter the Agent’s information into the TPB register or look for the registered practitioner symbol.
- The ATO has extended the deadlines for electronic BAS submission for businesses and registered BAS Agent services in order to encourage business owners to transition to online filing.
Contact Us Today!
BAS Agents are indispensable to any company and firm here in Australia, thus it would be in the best interest of your business to only have the best specialists in your corner. Insta Bookkeeping offers excellent BAS Agent services in Brisbane, Queensland, and around Australia. Contact us today to get through to our registered BAS Agents and let’s help your company grow together!